minimum acceptance), or it buys back all tendered shares at the maximum price. The first firm to use the Dutch auction was Todd Shipyards in 1981. Types Selective buybacks In broad terms, a selective buyback is one in which identical offers are not made to every shareholder, for example, if offers are made to only some of the shareholders in the company. In the United States, no special shareholder approval of a selective buyback is required. In the UK, however, the scheme must first be approved by all shareholders, or by a special resolution (requiring a 75% majority) of the members in which no vote is cast by selling shareholders or their associates. Selling shareholders may not vote in favor of a special resolution to approve a selective buyback. The notice to shareholders convening the meeting to vote on a selective buyback must include a statement setting out all material information that is relevant to the proposal, although it is not necessary for the company to provide information already disclosed to the shareholders, if that would be unreasonable. Other types A company may also buy back shares held by or for employees or salaried directors of the company or a related company. This type of buyback, referred to as an "employee share scheme buyback", requires an ordinary resolution. A listed company may also buy back its shares in on-market trading on the stock exchange, following the passing of an ordinary resolution if over the 10/12 limit. The stock exchange's rules apply to "on-market buybacks". A listed company may also buy unmarketable parcels of shares from shareholders (called a "minimum holding buyback"). This does not require a resolution but the purchased shares must still be canceled. Economic impact Share repurchases have been critically evaluated since the 1970's but after 1982, the Securities and Exchange Commission largely condoned them. At that time, the agency already ascertained "that a large volume of stock buybacks would manipulate the market". Only when Rule 10b-18 was implemented in the US, stock repurchases were seen as "virtually unregulated". According to Lenore Palladino, an economist at the Roosevelt Institute, stock buy back programs are "one of the drivers of our imbalanced economy, in which corporate profits and shareholder payments continue to grow while wages for typical workers stay flat." In April 2022, after Starbucks brought back Howard Schultz as interim CEO, he suspended its stock repurchasing program, and